Swansea Reveal Profit for Debut Premier League Season & Renovation Plans
By Community | October 15, 2012
Swansea successful first season in the Premier League has resulted in a £14.6m profit.
The club, which has risen from the bottom tier to the top flight over the past seven years, are preparing to release their full accounts for the year ending May 31 2012.
The £14.6m profit after taxation is a significant increase on a loss of £8.3m in the side’s previous promotion-winning season and the rise to profit comes despite a doubling in the club’s wage bill.
Swansea, who finished 11th in their debut season under boss Brendan Rodgers, received £5m in compensation when Liverpool hired the Northern Irishman to replace Kenny Dalglish. Michael Laudrup is currently their manager.
The business review will reveal a turnover of £65.2m and work has already begun on the £2.5m Landore training ground development together with discussions to increase the capacity of the Liberty Stadium.
The gap between the Premier League teams and the 72 clubs in the other English professional leagues will widen further next term when a new domestic television contract worth more than £1bn per season comes into place.
This has allowed the Swans to foster plans to renovate their stadium, which is the second smallest in the English top flight after Queens Park Rangers’ Loftus Road.
“Work is well under way on the £2.5m Landore training ground development and the creation of a partnership with Swansea University which involves the acquisition of a long-term lease of the playing fields at Fairwood, which will result in a first-class training complex befitting a Premier League club,” reads a statement on the club’s official website.
“Plans to increase the capacity of the Liberty Stadium are already being discussed with the idea of a phased development over a two-year period when the timing is right.”